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US Stocks started sharply lower on the overnight news of escalating trade tensions after D. Trump said he was preparing another potential batch of 200bn tariffs against China which responded immediately, accusing Trump of "blackmail." China’s commerce ministry said that if the US “irrationally” moves forward with the tariffs then China has no choice but to “forcefully fight back” with "qualitative" and "quantitative" measures. Chinese stocks were among the hardest hit yesterday (-3,5%), more than 20% lower than their highs earlier this year. After a couple of hours, stocks started a grind higher, recouping half their losses to still close 0.5% lower with some tech names this time also being dragged down and noticeably AAPL as well (on Chinese worries from which the company gets 25% of its revenues. 

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BentinPartner Advisers, Basel

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